Articles about Sec

Poison pill

Micron sets a canary to watch over its stock in case of takeover

A filing in the Securities Exchange Commission has set the hounds running on speculation that Micron Technology is the latest takeover target in the ongoing consolidation of the chip business. The filing, in the arcane language of SEC documents, gets to the point in this statement: “[N]o person will become an Acquiring …
Defeated-looking young man puts his head against table in front of laptop and pile of papers in conference room. Pic via Shutterstock

Software bug costs Citigroup $7m after legit transactions mistaken for test data for 15 years

A programming blunder in its reporting software has led to Citigroup being fined $7m (£5m). According to the US Securities and Exchange Commission (SEC), that error [PDF] resulted in the financial regulator being sent incomplete "blue sheet" information for a remarkable 15 years – from May 1999 to April 2014. The mistake was …
Kieren McCarthy, 13 Jul 2016
Wall Street Charlie Sheen

Cali bloke accused of illegally trousering $68k using mom's Apple AuthenTec gobble tip-off

A California chap is accused of illegally using inside information to pocket more than $68,000 when Apple took over mobile security biz AuthenTec. Andrew Kerr, 41, of Livermore, allegedly got a tip-off from his mom about the upcoming acquisition and immediately bought a bunch of shares in AuthenTec. She learned of the deal …
Iain Thomson, 29 Jun 2016
Cash in brown paper envelope CC 2.0 attribution StockMonkeys.com

Ex-SAP exec and pals accused of $500,000 insider trading scam

A former SAP executive and his associates allegedly ran an insider trading ring to net hundreds of thousands of dollars. Chris Salis was, until recently, global vice president and general manager for procurement at SAP. US financial watchdog the SEC claims he used his inside knowledge of SAP's takeover of Business Objects in …
Iain Thomson, 16 Jun 2016
Bribes

Akamai-oh-my: Network biz coughs up $650k over China bribes rap

Content delivery network Akamai will pay the US government more than $650k to settle charges it bribed Chinese officials to secure service contracts. The US Securities and Exchange Commission (SEC) said that it has inked a non-prosecution agreement (NPA) with Akamai that includes the network pipeline specialist paying back $ …
Shaun Nichols, 8 Jun 2016
Lawyer up

Oracle to sue cloud sales 'whistleblower' for 'malicious prosecution'

Oracle isn't known as a shrinking violet when it comes to legal battles, and it's coming out swinging over allegations that it was playing fast and loose with its cloud revenue reporting. On Wednesday, Svetlana Blackburn filed a lawsuit with the US district court in San Francisco claiming that she was fired from the company …
Iain Thomson, 2 Jun 2016

SEC warns cybersecurity is biggest threat to financial system

The chair of the US Securities and Exchange Commission (SEC), Mary Jo White, has warned that the biggest risk the financial system faces is cybersecurity. Speaking at the Financial Regulation Summit in Washington DC, White warned the industry that their policies and procedures were not up to scratch and without them they faced …
Kieren McCarthy, 18 May 2016

Lending Club CEO booted out for dodgy deals

The CEO of online money merchant Lending Club, Renaud Laplanche, has been fired, raising more questions over tech startups and how far from business norms - and the law - they have strayed in an effort to make money. Laplanche resigned this week after an internal investigation revealed the company - a lauded startup "unicorn" …
Kieren McCarthy, 10 May 2016

Texas Attorney General charged in 32-bit 'eco-friendly server scam'

The US Securities and Exchange Commission (SEC) has charged the CEO of Texas server manufacturer Servergy, one of its board members, and the state's Attorney General with fraud over claims of revolutionary low-powered computer hardware. The SEC alleges that between 2009 and 2013 Servergy's then-CEO William Mapp misled …
Iain Thomson, 11 Apr 2016

SEC chair blasts Silicon Valley for its hokey valuations

The chair of the US Securities and Exchange Commission (SEC) has given Silicon Valley a poke in the eye concerning its over-valuation of tech stocks. Speaking at Stanford University in the heart of Silicon Valley, Mary Jo White warned that the federal regulator did not look kindly on the wild – and wildly inaccurate – self- …
A Chinese laundry on the back streets of Shanghai

SEC: Qualcomm hired relatives of Chinese officials to seal biz deals

Qualcomm has coughed up some cash after it was accused of bribing Chinese officials by giving their relatives plum jobs. The California chip designer today settled out of court with US financial watchdog the SEC for $7.5m. The deal ends an embarrassing investigation into claims the company broke the Foreign Corrupt Practices …
Suitcase full of money

US software biz fined $28 million for bribing Chinese buyers with free vacations, gifts

Massachusetts-based software maker PTC and two of its Chinese subsidiaries have been fined $28m for bribing buyers in the Middle Kingdom. US regulator the SEC found that PTC, which builds design and process management software, broke the Foreign Corrupt Practices Act (FCPA) between 2006 and 2011. The American biz bunged …
Iain Thomson, 16 Feb 2016

SAP pays $3.9m to settle Panama government bribery case

SAP will pay nearly $3.9m after a senior executive was found to have bribed officials in the government of Panama to land lucrative deals. The software giant has agreed to pay $3.7m in profit plus an extra $188,896 in interest. SAP did so without admitting or denying the findings of the regulator that brought the bribery case …
Gavin Clarke, 3 Feb 2016
Toilet roll printed with fake US $100 bills

Buy a slice of the next Facebook with just your credit card and browser

America's financial watchdog says anyone with spare cash will be able to buy a slice of a startup online without having to fill out mountains of paperwork. Until now, if you fancied plowing your some of savings into a fledging biz – say a trendy but privately held San Francisco tech upstart – there are all sorts of …
Iain Thomson, 30 Oct 2015
stock_ticker_board_648

Top watchdog probes IBM over 'transactions in US, UK, Ireland'

IBM's stock price has taken a hit after the tech titan revealed it is under investigation by the US Securities and Exchange Commission (SEC). Big Blue said in its latest 10-Q filing that for the past two months, the financial watchdog has been looking into its accounting practices. "In August 2015, IBM learned that the SEC is …
Shaun Nichols, 27 Oct 2015
Prison

Alleged $32m Gemcoin crypto-bucks scam busted by Feds

The US Securities and Exchange Commission (SEC) says it has broken up an investment scam that defrauded citizens out of $32m by promising to mine minerals out of the ground – and pay out profits in cryptocurrency. The SEC has lobbed fraud charges at Steve Chen and 13 companies associated with Chen, alleging he raised $32m by …
Shaun Nichols, 2 Oct 2015

SaaS biz 'made up 99% of sales and defrauded investors of millions'

If you bought internet services from Illinois-based ContinuityX Services, the US Securities and Exchange Commission would like a word, since you may be part of a very, very small group – far smaller than the company itself represented. "We allege that Godwin and Roth cheated investors out of millions of dollars, depicting …
Iain Thomson, 30 Sep 2015
passcode

Smartphone passcodes protected by the Fifth Amendment – US court

The Feds can't make suspects give up their company-issued smartphone passcodes because doing so violates the Fifth Amendment of the US Constitution. So ruled Judge Mark Kearney of the federal court in East Pennsylvania in the case of Securities and Exchange Commission v Huang, an insider-trading case brought against two ex- …
Iain Thomson, 25 Sep 2015

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